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Fort Pierce authorizes four-year loan to Blue St. Lucie LLC to support 106-unit Sunrise Village affordable housing project
Summary
The commission approved a four-year, interest-only loan from city reserves to Blue St. Lucie LLC to support the Sunrise Village affordable housing project; terms include annual interest payments and a balloon payment due Dec. 31, 2029, with the loan subordinated to the primary TD Bank lender and monitoring by city staff.
The City Commission on Dec. 1 approved Resolution 25-R-79, authorizing a four-year, interest-only loan from city reserves to Blue St. Lucie LLC to support the Sunrise Village affordable housing project.
City management summarized the loan: a four-year term with interest-only annual payments and a balloon principal payment…
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